VNE - Veoneer stock pops as Qualcomm enters bidding war

Qualcomm (NASDAQ:QCOM) has submitted an offer to acquire Veoneer (NYSE:VNE) for $37 per share in an all-cash transaction that offers an 18% premium to offer from Magna. The offer has sent Veoneer shares up 22% in pre-market trading. The acquisition would be funded with existing cash resources. Qualcomm's (QCOM) board has already approved the deal, which doesn't require shareholder approval. The company is prepared to immediately start the due diligence process. While the company doesn't expect any regulatory hurdles, Qualcomm would agree to the same regulatory provisions in Magna International's (NYSE:MGA) offer. "As the automotive industry continues to transform, it is becoming increasingly important for automakers to have a partner who develops horizontal platforms that drive innovation and enable competition. The proposed acquisition will bring together our industry-leading automotive solutions with Veoneer's assisted driving assets to deliver a competitive and open ADAS platform to automakers and Tier 1 suppliers at scale," says

For further details see:

Veoneer stock pops as Qualcomm enters bidding war